Bitcoin Price Could Soar to $2.9 Million: $100 Billion Asset Manager VanEck
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VanEck has projected that by 2050, Bitcoin could become a global reserve currency, with a price reaching $2.9 million. The shift would be driven by declining trust in traditional reserve assets and increasing demand for alternatives like Bitcoin.
VanEck expects Bitcoin’s scalability issues to be resolved with Layer-2 (L2) solutions, which would enhance its efficiency. They predict Bitcoin could settle 10% of international trade and 5% of domestic transactions by 2050, with central banks potentially holding 2.5% of their assets in Bitcoin.
Key Points:
This shift would occur as traditional currencies lose market share due to weakening economic fundamentals.
Thirteen of the top 25 ETF launches in 2024 have been cryptocurrency exchange-traded funds (ETFs), according to Nate Geraci, president of The ETF Store.
The spot Bitcoin ETFs were the most popular among the nearly 400 new launches this year.
Top-performing: BlackRock’s iShares Bitcoin Trust has taken in almost $21 billion in new money; two other funds have netted about $2 billion and Fidelity’s Wise Origin Bitcoin Fund with around $10 billion.
On the Ethereum front, iShares Bitcoin Strategy is seeing inflows that total more than $1 billion.
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